IGI is a wholly owned subsidiary of IGI Holdings Limited, which is part of the Packages Group, with minor shareholdings currently held by two directors and Ms. Iqra Sajjad, Company Secretary at Packages Limited. Following completion of the SECP requirement for book-entry of shares, these holdings are being transferred to IGI Holdings Limited, further consolidating the ownership structure. Waqas Munir serves as a nominee director of IGI Holdings Limited. The concentrated ownership structure affords management clear strategic alignment with the Holding Company’s objectives and consistent sponsor oversight, enabling decisive execution of strategic initiatives while providing access to the Holding Company’s institutional support and financial backing.

IGI Holdings, the parent company of IGI Finex Securities Limited, operates under the umbrella of the Packages Group, one of Pakistan’s most reputable and diversified business conglomerates. This affiliation provides management with a stable strategic and financial anchor, reinforcing the Company's credibility and resilience and enabling leadership to plan and execute long-term initiatives with confidence in continued sponsor backing.

With a presence spanning over 50 years, IGI and the Packages Group have demonstrated strong business acumen across diverse sectors, including paper and technology, packaging, paperboard, financial services, real estate, and public education. This diversified institutional experience is a resource that management actively draws upon, reflecting the Group's strategic vision and ability to capitalize on market opportunities, and providing IGI's leadership with a broader base of expertise to inform its own strategic direction.

Backed by the Packages Group, IGI benefits from solid financial foundations and resource support, which affords management the financial flexibility to maintain operational resilience, manage market fluctuations effectively, and pursue long-term growth strategies in Pakistan's competitive financial services sector without being constrained by capital limitations.

The Board of Directors of IGI comprises three members, including one Executive Director (Chief Executive Officer) and two Non-Executive Directors:

1. Mr. Syed Abdul Wahab Mehdi (Chairman/Non-Executive Director)

2. Mr. Syed Raza Hussain Rizvi (Chief Executive Officer/Executive Director)

3. Mr. Waqas Munir (Non-Executive Director)  

During 2026, Ms. Iqra Sajjad (former Non-Executive Director) and Mr. Faisal Jawed Khan (former Executive Director) resigned from the Board, and management, together with the sponsor, moved swiftly to appoint Mr. Waqas Munir as a Non-Executive Director, demonstrating proactive board stewardship and continuity planning. The reconstituted Board provides an appropriate mix of executive and non-executive representation, supporting effective oversight of management's decisions and strategic direction. Going forward, management's induction of a formally independent director would further strengthen the governance framework, enhance board independence, and reinforce the checks and balances applied to management's decision-making.

The Board of Directors of IGI comprises experienced professionals whose collective expertise directly enhances the quality of oversight exercised over management. Mr. Syed Abdul Wahab Mehdi (Chairman) is a graduate of the University of Massachusetts with extensive multinational corporate experience, bringing broad strategic perspective to Board deliberations. Mr. Syed Raza Hussain Rizvi (Chief Executive Officer) is a Chartered Accountant with over 15 years of experience in management, strategy, mergers & acquisitions, and capital markets, providing the executive leadership driving the Company's day-to-day strategic execution. Mr. Waqas Munir is a Chartered Accountant and Certified Internal Auditor with over 30 years of diversified experience in finance, internal audit, corporate governance, and investment management, and currently serves as Chief Executive Officer and Director of IGI Investments (Pvt.) Ltd. His extensive audit and governance background is expected to meaningfully strengthen the Board's ability to challenge and oversee management's risk and control practices.

Management has institutionalized formal Board-level committees, including the Audit Committee, HR Committee, and IT Steering Committee, evidencing a deliberate commitment to structured oversight, risk management, and governance across the organization. These committees facilitate focused deliberation on their respective mandates and strengthen the Board's monitoring of management's decisions. While this committee structure reflects a sound governance framework instituted by management, the induction of a formally independent director,  particularly on the Audit Committee, would further enhance board independence and align governance practices with evolving corporate governance standards.

Management's commitment to transparent and independently verified financial reporting is evidenced by its decision to outsource the internal audit function to EY Ford Rhodes Chartered Accountants and to appoint A. F. Ferguson & Co. Chartered Accountants, a firm classified in the 'A' category of the State Bank of Pakistan panel of Auditors, as external auditor. This dual layer of independent assurance reflects management's proactive approach to reinforcing the reliability of the Company's control environment and financial disclosures.

IGI is led by Mr. Syed Raza Hussain Rizvi (Chief Executive Officer), who has been associated with the Company since 2018 and brings over 15 years of experience across management, strategy, mergers & acquisitions, and capital markets. The CEO's leadership is supported by a seasoned and stable team of Heads of Department (HODs), all reporting directly to him, whose combined tenure and domain depth underpin the Company's execution capability: Mr. Saif Ullah Kazmi (Master's), Head of Investment Banking, who joined in 2025; Mr. Zaeem Haider Khan (Graduate), Head of Sales, with the Company since 2007; Mr. Ahsan Iqbal (ACCA, Master's), Head of Finance & Company Secretary, since 2023; Mr. Abdullah Farhan (ACCA), Head of Research, since 2015; Mr. Faraz Ullah Khan (Graduate), Head of Risk & Equity Operations, since 2018; and Mr. Muhammad Akif (Master's), Head of Information Technology, since 2020. This continuity and depth of leadership, spanning investment banking, brokerage, finance, research, risk management, and technology, provides the sound managerial foundation that translated into the Company's CY25 revenue growth of 59.8% YoY and improvement in value-traded market share to ~3.30% (CY24: ~3.10%), and underpins management's capacity to execute the Company's ongoing strategic initiatives and business growth objectives.

Management maintains a well-defined and streamlined organizational structure comprising eight core functional departments: (1) Equity Operations & Risk Management, (2) Investment Banking & International Business, (3) Research, (4) Finance & Company Secretariat, (5) Compliance, (6) Sales, (7) IT Core Applications, and (8) Marketing, all reporting directly to the Chief Executive Officer. This design reflects management's deliberate focus on efficient decision-making, clear accountability, and effective execution of strategic objectives, with formally defined roles and responsibilities fostering seamless coordination. Management has further extended select corporate support functions, Information Technology, Human Resources, and Administration, to a shared-services arrangement with the Packages Group, an initiative that reflects management's continuous pursuit of operational synergies, standardized processes, and cost efficiencies. Management's intent to extend this shared-services model to the Marketing function going forward further evidences a proactive, efficiency-driven approach to resource optimization.

Management's investment in multiple client onboarding and service channels – an intuitive online trading platform, the iTrade mobile application, and in-person support through the branch network, reflects a deliberate strategy to enhance client acquisition and retention. A dedicated client servicing team, overseen by management, assists customers throughout the account opening and investment process, ensuring timely support and a seamless trading experience. Management's planned integration of account funding and payment capabilities with leading digital wallets, including JazzCash and Easypaisa, further demonstrates its forward-looking approach to improving accessibility and strengthening the overall client experience.

Management has institutionalized a structured complaint management framework to ensure the timely handling and resolution of customer grievances, with a dedicated team maintaining comprehensive records in line with internal service standards and regulatory requirements. That customer complaints are generally resolved within one working day is a direct reflection of management's operational discipline and its prioritization of responsive client service. Periodic complaint reports submitted to the SECP further evidence management's commitment to regulatory compliance and transparent client protection practices.

Management's investment in a technology-driven operating environment, a SECP-approved trading platform integrated with a back-office and Order Management System (OMS) provided by Softech Systems (Pvt.) Ltd, underscores its forward-looking approach to enabling seamless trade execution, settlement, risk monitoring, and client servicing. This technology infrastructure, actively maintained and scaled by management, supports operational efficiency today while providing a scalable platform to accommodate future business growth and evolving client requirements.

Management has established a comprehensive business continuity and disaster recovery framework including a documented Disaster Recovery Plan (DRP), multiple data backup mechanisms, and system redundancies, to mitigate operational disruptions arising from unforeseen events. Periodic testing of backup and recovery arrangements by management strengthens operational resilience and reflects a prudent, risk-aware approach to safeguarding business continuity and minimizing potential downtime.

Management, under the oversight of the Board, has designed a structured risk management framework to support brokerage operations and safeguard the integrity of trading activities, with risk policies formulated and periodically reviewed at the Board level. Operational risks are identified, monitored, and mitigated by management through established internal controls, a formal Code of Conduct, and well-defined Standard Operating Procedures (SOPs) governing trading hall and operational activities, evidencing management's institutionalized, continuous approach to risk monitoring and regulatory adherence.

Management maintains a dedicated Compliance Department responsible for ensuring adherence to the regulatory framework governing brokerage operations, including the requirements of the SECP, the PSX, and applicable AML/CFT regulations. Through ongoing monitoring, periodic reporting, and compliance reviews, management has embedded a strong control environment and sound governance practices into the Company's day-to-day operations, reflecting its continued prioritization of regulatory adherence.

Pakistan's macroeconomic environment improved considerably during CY25, supported by progress under the IMF's Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF), easing inflation, a stable exchange rate, and strengthening external account indicators. During the year, the SBP adopted a relatively accommodative monetary policy stance, reducing the policy rate from 13.0% to 10.5% as inflation moderated. This improving macroeconomic backdrop translated into a strong performance for Pakistan's equity market, with average daily trading volumes increasing to approximately 796 million shares (CY24: 567 million shares) and average daily traded value rising 62% YoY to PKR 35.8 billion (CY24: PKR 22.2 billion). Market volatility increased towards the end of 1QCY26 amid heightened regional geopolitical tensions, though trading activity remained relatively healthy compared to historical levels. Management's ability to align the Company's business strategy and resourcing with this evolving operating environment, capturing higher trading volumes during the favorable window while maintaining a conservative risk posture ahead of the volatility, reflects sound strategic judgment and adaptive execution capability.

IGI Finex Securities Limited is a licensed Trading Right Entitlement Certificate (TREC) holder of the Pakistan Stock Exchange and a corporate member of the Pakistan Mercantile Exchange. Incorporated in 1994, the Company has built over three decades of track record under successive management teams, evolving into a well-established brokerage franchise with a diversified service offering spanning equity and commodity brokerage, and advisory and consultancy services. Management's stewardship of the Company's relationship with the Packages Group since 2007 has provided access to the Group's institutional expertise, financial resources, and governance framework, which management has leveraged to enhance operational capabilities, brand credibility, and market reach. Recently, management further strengthened the Company's market presence by expanding its geographically diversified branch network to seven locations with the addition of a new branch, reinforcing its commitment to improving client accessibility and supporting future business growth. The expanded network, spanning Karachi, Lahore, Islamabad, Faisalabad, Rahim Yar Khan, Multan, and Gujranwala, complemented by a SECP-approved digital trading platform, has contributed to the improvement in the Company's value-traded market share to approximately 3.30% during CY25 (CY24: ~3.10%), reflecting management's effectiveness in expanding the Company's operational scale and deepening client engagement.

Management's execution of business development initiatives across equity brokerage, commodity brokerage, and advisory services translated into a 59.8% YoY increase in operating revenue to PKR 560.877 million in CY25 (CY24: PKR 350.985 million), with this growth momentum sustained into 1QCY26 at PKR 157.716 million (1QCY25: PKR 107.614 million, +46.6% YoY). Brokerage from equity operations, which management has prioritized as the core growth driver, rose to PKR 626.450 million on a gross basis in CY25 (CY24: PKR 392.699 million) and to PKR 177.978 million in 1QCY26 (1QCY25: PKR 116.193 million), reflecting management's success in expanding the Company's retail and institutional equity market share. Commodity brokerage income increased to PKR 5.104 million in CY25 (CY24: PKR 4.068 million) and to PKR 1.555 million in 1QCY26 (1QCY25: PKR 1.410 million), while advisory and consultancy income – a segment management has been actively cultivating for revenue diversification – rose to PKR 13.455 million in CY25 (CY24: PKR 6.865 million), though it moderated to PKR 1.840 million in 1QCY26 (1QCY25: PKR 6.153 million), consistent with the inherently lumpy, mandate-driven nature of advisory earnings. Other operating revenue declined to PKR 239.538 million in CY25 (CY24: PKR 307.632 million) and to PKR 34.766 million in 1QCY26 (1QCY25: PKR 59.288 million) on lower average interest rates, a macro factor outside management's control. Notwithstanding this, total operating income increased to PKR 800.415 million in CY25 (CY24: PKR 658.616 million) and to PKR 192.482 million in 1QCY26 (1QCY25: PKR 166.902 million), while profit after tax rose to PKR 305.055 million in CY25 (CY24: PKR 229.651 million; EPS of PKR 5.87 vs. PKR 4.42), underscoring management's ability to convert top-line growth into bottom-line profitability. Profit after tax eased to PKR 46.163 million in 1QCY26 (1QCY25: PKR 58.141 million) on account of higher operating and financial expenses coupled with reduced non-core income, a trend management will need to monitor closely to preserve margins as the Company scales.

Management has established a comprehensive credit risk management framework supported by robust Know Your Customer (KYC), Anti-Money Laundering (AML), Customer Due Diligence (CDD), and Enhanced Due Diligence (EDD) procedures, with detailed client profiling and risk assessments performed at the account opening stage. That trade receivables remain at manageable levels reflects the effectiveness of management's ongoing transaction monitoring and collection practices, and demonstrates prudent credit stewardship embedded within the Company's day-to-day risk controls.

Management maintains a conservative market risk profile, underpinned by its deliberate policy of not undertaking proprietary trading activities, a strategic choice that limits the Company's direct exposure to market price volatility. The Company's investment portfolio, comprising strategic long-term holdings in PSX-listed equities pledged with the CDC to meet Base Minimum Capital requirements, increased to PKR 75.307 million as at end-CY25 (CY24: PKR 44.482 million) and stood at PKR 47.960 million as at 1QCY26. This regulatory-driven, non-speculative positioning reflects management's risk-averse, compliance-first approach to capital deployment.

Management's disciplined approach to liquidity management is evident in the Company's healthy current ratio, substantial liquid assets, and strengthening Liquid Capital Balance (LCB). As at end-CY25, current assets of PKR 2,464.687 million against current liabilities of PKR 1,568.450 million translated into a current ratio of 1.57x (CY24: 1.53x), while the position remained sound at 1QCY26 with a current ratio of 1.41x (current assets of PKR 3,263.719 million against current liabilities of PKR 2,315.291 million). Bank balances of PKR 1,552.220 million at end-CY25 (CY24: PKR 1,768.316 million) and PKR 1,785.301 million at 1QCY26 provide management with ample cash resources to meet operational and settlement requirements. The Company's LCB, computed in accordance with SECP's Third Schedule Regulations, improved significantly to PKR 867.933 million at end-CY25 from PKR 535.472 million in CY24, a marked improvement that reflects management's effective liquidity planning and capital stewardship.

Management's prudent financial stewardship, reflected in consistent earnings retention, has driven a strong capitalization profile. The Company's equity base increased to PKR 1,182.593 million as at end-CY25 from PKR 867.141 million in CY24, primarily on retained earnings of PKR 305.055 million, and strengthened further to PKR 1,201.409 million as at 1QCY26. Total assets stood at PKR 2,769.199 million at end-CY25 (CY24: PKR 2,743.444 million) and increased to PKR 3,544.172 million at 1QCY26, reflecting business growth under management's stewardship. The Company's Capital Adequacy Level (CAL), computed per PSX requirements, improved significantly to PKR 1,171.594 million at end-CY25 from PKR 856.142 million in CY24, providing a substantial buffer over the regulatory requirement. This internally funded balance sheet, a direct outcome of management's conservative capital management philosophy, provides the financial flexibility to support business expansion, absorb potential stress, and sustain long-term operational stability.